MIRA INFORM REPORT

Report No. :	327671
Report Date :	20.06.2015

IDENTIFICATION DETAILS

Name :	LLOYD ELECTRIC AND ENGINEERING LIMITED
Registered Office :	A-146, B and C, RIICO Industrial Area, Bhiwadi, Alwar– 301019, Rajasthan
Tel. No.:	91-1493-220724/222521/221348
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	10.11.1987
Com. Reg. No.:	17-012841
Capital Investment / Paid-up Capital :	Rs. 353.202 Million
CIN No.: [Company Identification No.]	L29120RJ1987PLC012841
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Trader of Air-conditioner and consumer durable products like LCD / LED, Chest freezers etc. under "LLOYD" Brand.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 21000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of “Lloyd group”. Incorporated in 1987, Lloyd Electric manufactures and supplies evaporator and condenser coils to AC original equipment manufacturers. It is a well – established company having satisfactory track record. In 2014-15 (refers to financial year, April 1 to March 31), Lloyd Electric sustained growth in its revenue and profitability. Further the rating take into account on Lloyd Electric’s established position in the heat exchanger coil manufacturing segment, and healthy revenue diversity. However, these rating strengths are partially offset by Lloyd Electric’s average financial risk profile and susceptibility of its operating profitability to volatility in input prices. Trade relation are fair. Business is active. Payments are reported to be usually correct. In view of decent financial base, established market position backed by group company support, the company can be considered for good business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March 19, 2014

Rating Agency Name	CRISIL
Rating	Short term rating A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	March 19, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED

Management non co-operative [91-11-40627200)

LOCATIONS

Registered Office :	A-146, (B and C), RIICO Industrial Area, Bhiwadi, Alwar– 301 019, Rajasthan, India
Tel. No.:	91-1493-220724/222521/ 221348
Fax No.:	Not Available
E-Mail :	investor.relation@lloydengg.com
Website :	www.lloydengg.com
Corporate Office :	159, Okhala Industrial Estate Phase- II, New Delhi-110 020, India
Tel. No.:	91-11-40627200/300
Fax No.:	91-11-41609909
Manufacturing Plant:	Domestic: · Industrial Area Kala-Amb, Trilokpur Road, Sirmour, Nahan, Himachal Pradesh, India · Plot No. 24 Sector 2, IIE SIDCUL Pantnagar, Uttarakhand, India · Plot No. S 21 and S 22, NON SEZ, Phase III Sipcot Road, Mugundarayapuram Ranipet, Vellore District, Tamilnadu, India · Bahadarabad, Mehdood Industririal Park, 2 Salempur SIDCUL, Haridwar, Uttrakhand, India · Village Nizampur Tauru – Rewari Eoad, Tehsil – tauru, District Mewat, Haryana - 122105
Overseas (Owned by subsidiaries)	· Lloyd Coils Europe s.r.o Prague-5, Radotin, Vrazska 143, Czech Republic Postal Code 15300 · Janka Engineering s.r.o Prague-5, Radotin, Vrazska 143, Czech Republic Postal Code 15300

DIRECTORS

As on 21.07.2014

Name :

Mr. Brij Raj Punj

Designation :

Chairman and Managing Director

DIN No.:

00080956

Date of Appointment:

31.10.2013

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L29299UP1957PLC021118	FEDDERS LLOYD CORPORATION LIMITED	Managing director	24/12/2012	02/06/1980	-	Active	NO
2	U74899DL1986PTC026546	AIRSERCO PRIVATE LTD	Director	20/08/1987	20/08/1987	-	Active	NO
3	U45201DL1987PTC027068	PANDIT KANAHAYA LAL PUNJ PRIVATE LIMITED	Director	20/08/1987	20/08/1987	-	Active In Progress	NO
4	L29120RJ1987PLC012841	LLOYD ELECTRIC AND ENGINEERING LTD.	Managing director	31/10/2013	10/11/1987	-	Active	NO
5	U52110DL1986PTC026547	LLOYD SALES PRIVATE LIMITED	Director	05/12/1987	05/12/1987	-	Active	NO
6	U29192DL1989PTC036672	LLOYD AIRCON PRIVATE LIMITED	Director	20/06/1989	20/06/1989	-	Active	NO
7	U20299DL1990PTC039230	LLOYD MANUFACTURING PRIVATE LIMITED	Director	20/10/1993	20/10/1993	-	Active	NO
8	U74899DL1987PTC028992	PSL ENGINEERING PRIVATE LTD	Director	19/07/1996	19/07/1996	-	Active	NO
9	U30007DL1999PTC099686	REGAL INFORMATION TECHNOLOGY PRIVATE LIMITED	Director	10/05/1999	10/05/1999	-	Active	NO
10	U65924DL1994PLC063542	LLOYD CREDITS LIMITED	Director	06/03/2000	06/03/2000	-	Active	NO
11	U29194DL2000PTC107894	PUNJ TECHNOLOGY PRIVATE LIMITED	Director	25/09/2000	25/09/2000	-	Active	NO
12	U34300DL2003PTC120935	PERFECT RADIATORS AND OIL COOLERS PRIVATE LIMITED	Director	16/06/2003	16/06/2003	-	Active	NO
13	U34101DL2003PTC121423	PUNJ ENGINEERING PRIVATE LIMITED	Director	22/07/2003	22/07/2003	-	Active	NO
14	U72200DL2005PTC136848	LLOYD INFOTECH ( INDIA ) PRIVATE LIMITED	Director	30/05/2005	30/05/2005	-	Active	NO
15	U45203DL2006PTC149128	LLOYD HOUSING PRIVATE LIMITED	Director	23/05/2006	23/05/2006	04/03/2008	Active	NO
16	U15520UR1990PTC012483	HIMALAYAN MINERAL WATERS PRIVATE LIMITED	Director	10/10/2006	10/10/2006	24/03/2014	Active	NO
17	U72300DL2006PTC155304	PUNJ SOFTWARE TECHNOLOGY PRIVATE LIMITED	Director	08/11/2006	08/11/2006	-	Strike off	NO
18	U72300DL2006PTC155303	PUNJ SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	08/11/2006	08/11/2006	-	Strike off	NO
19	U72300RJ2006PTC046518	PUNJ SOFTECH PRIVATE LIMITED	Director	08/11/2006	08/11/2006	11/12/2013	Active	NO
20	U70101DL2006PTC157206	LLOYD DEVELOPERS & INFRASTRUCTURE PRIVATE LIMITED	Director	29/12/2006	29/12/2006	-	Strike off	NO
21	U70102DL2006PTC157144	LLOYD REAL ESTATES PRIVATE LIMITED	Director	29/12/2006	29/12/2006	01/03/2008	Active	NO
22	U70101DL2007PTC160691	LLOYD BUILDERS PRIVATE LIMITED	Director	19/03/2007	19/03/2007	-	Strike off	NO
23	U74210DL1990PTC039236	PUNJ SERVICES PRIVATE LIMITED	Director	04/06/2007	04/06/2007	-	Active	NO
24	U01403DL2008PTC177396	LLOYD AGRO SEEDS PRIVATE LIMITED	Director	29/04/2008	29/04/2008	-	Strike off	NO
25	U74140DL2008PTC181864	LLOYD IT TECHNOLOGY PRIVATE LIMITED	Additional director	04/09/2008	04/09/2008	-	Active	NO
26	U65923DL2010PTC200843	LLOYD STOCK & INVESTMENTS PRIVATE LIMITED	Director	29/03/2010	29/03/2010	-	Active	NO

Name :

Mr. Bharat Raj Punj

Designation :

Executive Director

Name :

Mr. A. K. Roy

Designation :

Whole Time Director

Date of Appointment:

28.04.2014

DIN No.:

01475456

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L29120RJ1987PLC012841	LLOYD ELECTRIC AND ENGINEERING LTD.	Whole-time director	28/04/2014	28/04/2007	-	Active	NO

Name :

Mr. Mukat Behari Sharma

Designation :

Whole Time Director and Chief Financial Officer

DIN No.:

02942036

Date of Appointment:

28.01.2015

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L29120RJ1987PLC012841	LLOYD ELECTRIC AND ENGINEERING LTD.	Whole-time director	28/01/2015	28/01/2010	-	Active	NO

Name :

Mr. NipunSinghal

Designation :

Whole Time Director

DIN No.:

02026825

Date of Appointment:

28.09.2013

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70200PN2008PTC140069	Mindage Realty Private Limited	Director	19/02/2008	19/02/2008	-	Active	NO
2	U72200PN2008PTC140070	Mindage Solutions Private Limited	Director	25/04/2008	25/04/2008	-	Active	NO
3	L29120RJ1987PLC012841	LLOYD ELECTRIC AND ENGINEERING LTD.	Whole-time director	28/09/2013	30/05/2013	-	Active	NO

Name :

Mr. S. K. Sharma

Designation :

Non-Executive Independent Director

Date of Appointment:

31.01.2005

DIN No.:

00058581

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L29120RJ1987PLC012841	LLOYD ELECTRIC AND ENGINEERING LTD.	Director	31/01/2005	31/01/2005	-	Active	NO
2	L29299UP1957PLC021118	FEDDERS LLOYD CORPORATION LIMITED	Director	26/12/2008	26/04/2008	11/11/2013	Active	NO

Name :

Dr. GeetaAjitTekchand

Designation :

Non-Executive independent Director

Date of Appointment:

28.09.2010

DIN No.:

02937277

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L29120RJ1987PLC012841	LLOYD ELECTRIC AND ENGINEERING LTD.	Director	28/09/2010	28/01/2010	-	Active	NO

Name :

Mr. Ramesh Kumar Vasudeva

Designation :

Non-Executive independent Director

Date of Appointment:

08.09.2012

DIN No.:

06368045

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L29120RJ1987PLC012841	LLOYD ELECTRIC AND ENGINEERING LTD.	Director	08/09/2012	08/08/2012	-	Active	NO

Name :

Mr. Ajay Dogra

Designation :

Non-Executive independent Director

Date of Appointment:

28.09.2013

DIN No:

02430117

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L29299UP1957PLC021118	FEDDERS LLOYD CORPORATION LIMITED	Director	26/12/2008	25/11/2008	06/05/2013	Active	NO
2	L29120RJ1987PLC012841	LLOYD ELECTRIC AND ENGINEERING LTD.	Director	28/09/2013	30/05/2013	-	Active	NO

Name :

Gopal Kacker

Designation :

Non-Executive independent Director

KEY EXECUTIVES

Name :	Mrs. Anita K. Shrma
Designation :	Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholders	No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4597377	13.02
Bodies Corporate	13055019	36.96
Sub Total	17652396	49.98
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	17652396	49.98
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	60000	0.17
Financial Institutions / Banks	56506	0.16
Foreign Institutional Investors	2856013	8.09
Sub Total	2972519	8.42
(2) Non-Institutions
Bodies Corporate	3409856	9.65
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	6025040	17.06
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	3725475	10.55
Qualified Foreign Investor	293198	0.83
Any Others (Specify)	1225776	3.47
Clearing Members	224690	0.64
NRIs/OCBs	420179	1.19
Hindu Undivided Families	580907	1.64
Sub Total	14679345	41.56
Total Public shareholding (B)	17651864	49.98
Total (A)+(B)	35304260	99.95
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	16000	0.05
Sub Total	16000	0.05
Total (A)+(B)+(C)	35320260	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Air-conditioner and consumer durable products like LCD / LED, Chest freezers etc. under "LLOYD" Brand.
Products :	Not Divulged
Brand Names :	LLOYD
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :
Remark:	Not Divulged

Customers :

² Blue Star

² Hitachi

² Samsung

² Carrier

² LG Electronic

² Electrolux

² Emerson

No. of Employees :

Information declined by the management

Bankers :

• STATE BANK OF HYDERABAD - Core 6, Scope Complex, Lodhi Road, New delhi, Delhi - 110003, India
• STATE BANK OF TRAVANCORE - Corporate Finance Branch, 18/4 Arya Samaj Road,  Karol Bagh, New Delhi - 110005, India
• KOTAK MAHINDRA PRIME LIMITED - 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, India
• SOCIETE GENERALE - 6th Floor, Mohan Dev, 13, Tolstoy Marg, New Delhi- 110001, India
• HDFC BANK LIMITED - HDFC Bank House senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India
• INDUSIND BANK LIMITED - Dr. Gopal Das Bhawan, 28 Barakhamba Road, New Delhi- 110001, India
• IDBI Bank Limited - 3rd Floor, Indian Red Cross Society, Building-1, Red Cross Road, New Delhi,, New Delhi-110001, India
• IDBI Bank Limited - 3rd Floor, Indian Red Cross Society Building,, 1, 
  Red Cross Road, New Delhi- 110001, India
• INDUSIND BANK LIMITED - DR. Gopal Das Building, 28 Barakhamba Road, New Delhi, Delhi - 110001, India

Bank Name	State Bank of Bikaner and Jaipur
Branch	101-102 New Delhi House, 27 Barakhamba Road, New  Delhi, Delhi - 110001, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loan
From Schedule Loan	NA	40.700
Indian Currency Loan	NA	1205.600
Total	NA	1246.300
Short-term borrowings
Working capital loans from bank	NA	4569.700
Total		4569.700

• The working capital loans, fund based as well as non - fund based are secured by way of first hypothecation charge on the stocks/ book debts, both present and future and second charge on paripassu basis on the fixed assets of the company.

Auditors :
Name :	M/s Suresh C. Mathur and Company Chartered Accountants
Address :	New Delhi, India
PAN N Income-tax PAN of auditor or auditor's firm :	Not Available
Memberships :	Not Available
Collaborators :	Not Available
Foreign Subsidiary Company:	Ø Lloyd Coils Europe s.r.o. Ø Janka Engineering s.r.o.
Associate Company / Subsidiary Company / Directors Interested :	Airserco Private Limited Fedders Lloyd Corporation Limited Perfect Radiators and Oil Coolers Private Limited PSL Engineering Private Limited Regal Information Technology Private Limited Lloyd Aircon Private Limited Lloyd Credit Limited Lloyd IT Technology Private Limited Lloyd Sales Private Limited Lloyd Manufacturing Private Limited Himalayan Mineral Water Private Limited Punj Engineering Private Limited Punj Services Private Limited Punj Technology Private Limited Lloyd Infotech(India) Private Limited Lloyd Stock & Investment Private Limited Fedders Lloyd Trading FZE

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital: Not Available

Issued, Subscribed & Paid Up Capital: Rs. 353.331Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Million

Issued, Subscribed Capital:

No. of Shares	Type	Value	Amount
35333160	Equity Shares	Rs.10/- each	Rs. 353.331Million

Paid-up Capital:

No. of Shares	Type	Value	Amount
35320260	Equity Shares	Rs.10/- each	Rs. 353.202 Million
	Equity Share Forfeited		Rs. 0.010 Million
	Total		Rs. 353.212 Million

Subject Stock Code :	BSE : 517518 NSE : LLOYDELENG
Stock Exchange Place :	The Stock Exchange, Mumbai, National Stock Exchange of India Limited, London Stock Exchange
Listed Date :	Not Available

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	353.300	353.300	353.300
(b) Reserves & Surplus	6805.600	5994.900	5261.500
(c) Money received against share warrants	228.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7386.900	6348.200	5614.800
(3) Non-Current Liabilities
(a) long-term borrowings	918.100	1246.300	946.600
(b) Deferred tax liabilities (Net)	32.200	34.300	152.600
(c) Other long term liabilities	30.800	25.700	20.700
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	981.100	1306.300	1119.900
(4) Current Liabilities
(a) Short term borrowings	5931.100	4569.700	3363.700
(b) Trade payables	2145.600	1739.800	1034.000
(c) Other current liabilities	1057.400	636.700	669.700
(d) Short-term provisions	349.200	237.100	257.700
Total Current Liabilities (4)	9483.300	7183.300	5325.100
TOTAL	17851.300	14837.800	12059.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3233.100	3184.700	2941.200
(ii) Intangible Assets	0.000	62.900	90.600
(iii) Capital work-in-progress	0.000	61.400	60.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	858.100	854.200	863.400
(c) Deferred tax assets (net)	0.000	27.100	486.500
(d) Long-term Loan and Advances	45.700	0.000	0.000
(e) Other Non-current assets	222.200	163.500	169.000
Total Non-Current Assets	4359.100	4353.800	4611.100
(2) Current assets
(a) Current investments	7193.100	5646.900	4448.400
(b) Inventories	4581.300	3318.200	2296.300
(c) Trade receivables	574.600	509.900	139.700
(d) Cash and cash equivalents	974.000	856.900	393.300
(e) Short-term loans and advances	169.200	152.100	171.000
(f) Other current assets	0.000	0.000
Total Current Assets	13492.200	10484.000	7448.700
TOTAL	17851.300	14837.800	12059.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	18349.600	14396.900	11693.800
		Other Income	45.700	120.300	59.200
		TOTAL	18395.300	14517.200	11753.000
Less	EXPENSES
		Cost of Materials Consumed	14655.200	12213.300	9621.300
		Purchases of Stock-in-Trade	598.900	449.200	403.500
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(946.700)	(1385.400)	(761.800)
		Employees benefits expense	529.400	390.000	344.400
		Other expenses	1260.200	954.300	686.800
		TOTAL (B)	16097.000	12621.400	10294.200
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2298.300	1895.800	1458.800
Less	FINANCIAL EXPENSES		928.500	840.200	507.500
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1369.800	1055.600	951.300
Less/ Add	DEPRECIATION/ AMORTISATION		339.600	237.900	222.600
	PROFIT/(LOSS) BEFORE TAX		1030.200	817.700	728.700
Less	TAX		213.800	56.800	167.200
	PROFIT/(LOSS) AFTER TAX		816.400	760.900	561.500
	EARNINGS IN FOREIGN CURRENCY		NA	1851.800	901.600
	OUTGO IN FOREIGN CURRENCY		NA	6239.000	4238.900
	Earnings Per Share (Rs.)		23.11	215.4	159

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	125.800	(655.500)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	4.45	5.29	4.80
Operating Profit Margin (PBIDT/Sales)	(%)	12.53	13.17	12.47
Return on Total Assets (PBT/Total Assets}	(%)	6.06	5.88	6.84
Return on Investment (ROI) (PBT/Networth)		0.14	0.13	0.13
Debt Equity Ratio (Total Debt /Networth)		0.93	0.92	0.77
Current Ratio (Current Asset/Current Liability)		1.42	1.46	1.40

STOCK PRICES

Face Value	Rs.10/-
Market Value	Rs.194/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	353.300	353.300	353.300
Reserves & Surplus	5261.500	5994.900	6805.600
Money received against share warrants	228.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5842.800	6348.200	7158.900
long-term borrowings	946.600	1246.300	918.100
Short term borrowings	3363.700	4569.700	5931.100
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	0.000	0.000
Total borrowings	4310.300	5816.000	6849.200
Debt/Equity ratio	0.738	0.916	0.957

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11693.800	14396.900	18349.600
		23.116	27.455

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11693.800	14396.900	18349.600
Profit	561.500	760.900	816.400
	4.80%	5.29%	4.45%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	No
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE HIGHLIGHTS:

The financial year 2013-2014 witnessed another year of sluggish and challenging market conditions. India’s domestic strength was tested by intensifying global uncertainties. Declining economic growth, high inflation, declining fiscal discipline, a widening external deficit and diminishing business confidence are hampering India’s economic outlook. The volatile exchange rate and sharp depreciation of rupees further augmented the economic conditions and business performances. In the view of this challenging environment, The Company managed to record a decent performance. On standalone basis, revenue of the Company stood at Rs. 14396.9 Million as against Rs. 11693.8 Million during the previous year, registering an increase of 23%. Earnings before Interest, tax, depreciation and amortization (EBITDA) was Rs. 1895.8 Million as against Rs. 1458.8 Million, higher by 30%. The Net Profit before tax was Rs. 817.7 Million as against Rs. 7287.000 Million in the previous year, registering a growth of 12%.

On consolidated basis, revenue from operations for the financial year 2013-14 at Rs. 1775.97 Million was higher by 20% over last year (Rs. 14743.1 Million for FY 12-13). Earnings before Interest, tax, depreciation and amortization (EBITDA) was

Rs. 2142.9 Million as against Rs. 1558.7 Million, higher by 37%. The Net Profit before tax was Rs. 970.3 Million as against Rs. 715.6 Million in the previous year, registering a growth of 36%.

OPERATIONS

This year was full of challenges for the HVAC& R Industry. The Forex was at the record high rendering most products to become un-competitive and curbing the ultimate demand. Metal Prices (LME) was relatively stable. The Room Air Conditioners market in India has experienced a negative to lower growth rates in last 3 years due to weak economy and significant rise in prices. However, market is expected to grow at a healthy pace of CAGR 10-12 % in between FY 2014-15 to 2018-19.Lower market penetration, rising income levels, increasing number of households, high temperatures & humidity, urbanization are strong growth drivers for this air conditioning industry.

The Company has invested significantly for technology up gradation, new product development and localization to sustain its market leadership in future years. New products meeting with higher energy efficiency norms of BEE has been developed during the year in the room air-conditioning segment with R-410A refrigerants. The Company has also developed innovative and energy efficient range of products for the residential and commercial segments like inverter air conditioners with environment friendly refrigerants for the OEM market, 24 K and 48K Cassette/ Floor Standing air conditioners.

The year also saw tremendous rise in the export market of its Heat & Cool products to Middle East, CIS countries, meeting with international standards like CB/ESMA certification With the IRIS certification, the Company has been able to bagged its first prestigious order from Bombardier Transportation for the supply of Roof Mounted ventilation units for EMU coaches

During the year, The Company has further strengthen its LLOYD brand product portfolio by adding wide range of room air-conditioners with star ratings, Washing Machine, LED Televisions, Water Dispensers, Chest freezers etc. The Company has expanded its branch network to 44 branches and 280 service centres to cope with the growing demand and this has resulted in a much deeper penetration where almost 85% of districts in India have Lloyd product dealers thus expanding the dealer base to 6000 dealers encompassing Tier 2,3 and rural towns.

SUBSIDIARY COMPANIES

Pursuant to the Accounting Standard AS-21 issued by ICAI, Consolidated Financial Statements presented by the

Company includes the financial information of subsidiary Companies namely, Lloyd Coils Europe s.r.o and Janka

Engineering S.R.O.

The Central Government vide Notification no.2/2011 dated 8 February, 2011 granted general exemption to Companies from dispensing with the requirement of attaching the accounts of the subsidiary companies, subject to certain conditions. As the Company has complied with all the conditions, the annual accounts and other documents of the subsidiary Companies are not attached with the Balance Sheet of the Company. The Annual Accounts of the subsidiary Companies are open for inspection by any member/investor and also available on the website of the. The Company will make the documents/details available, upon request by any member of the Company or its subsidiaries interested in obtaining the same.

The Economic condition in Europe continued to be rather unclear with different developments across the regions.

Central Europe showed some signs of recovery and is finally getting out of long lasting recession. Germany remains to be the engine of EU economy, benefiting mostly from growing exports.

The operations of both the overseas subsidiaries were significantly impacted by the flood that hit Prague in June 2013, resulting in production and sales loss for nearly one month. The total damage caused by flood was Euro 6 Million in both the subsidiaries, - Euro 2 Million in Lloyd Coils Europe (LCE) and Euro 4 Million in Janka Engineering (Janka), which were fully indemnified by the insurance company.

On the Operation al front, LCE reported Sales of Euro 33.4 Million for the financial year ended March 31, 2014, which was nearly 10% down from the previous year. The main reason for the decline in Sales was apparently the flood. Whereas the improved product mix, increased labor productivity and favourable currency exchange rate, boosted the profit to the record high level in the Company’s history. EBITDA touched all time high of Euro 3.9 Million, higher by 16% over previous year and PBT increased significantly to Euro 2.3 Million.

For Janka, the year was a turnaround in sales and profit margins. Central Europe had gradually improved from the recession and construction industry showed few signs of recovery.Janka entered into new segment of development of HVAC unit for rolling stock manufacturer, which resulted in increase in sales not only in domestic market but also in Russia, Germany and Hungary. The Sales of Janka touched all time high of Euro 12 Million and delivered positive EBITDA of Euro 0.40 Million as against the previous year loss of Euro – 1 Million. During the fiscal year, it has also developed condensing unit for retro-fitted coaches of local train operator RegioJet and is in advance stage to provide similar solutions to the Czech Railways.

ECONOMIC SCENARIO AND OUTLOOK

The world economy has experienced subdued growth for another year in 2013, unable to meet even the modest projections made for the year by many institutional forecasters. Despite improved global financial conditions and reduced short-term risks, the world economy continues to expand at a submissive pace.The economies of the developed countries still face strong headwinds in their struggle to return to sustained growth. The great recession left a host of troublesome legacies: continued deleveraging by households and firms, which is holding back consumption and investment demand; still fragile banking sectors whose lending to the private sector is not yet normalized; depressed housing markets that had put additional strains on the banking system; and substantially deteriorated fiscal balances and rising public indebtedness that Governments are trying to redress through fiscal austerity, but which, in already depressed economic situations, is further pushing up unemployment rates and slowing economic recovery.

Underperformance in the world economy was observed across almost all regions and major economic groups. However, after a marked down-turn over the past two years, global economic activity had slowly gained momentum in the second half of 2013 and 2014. The Euro area is turning the corner from recession to recovery.Few regions saw a moderate pick-up, but growth continued to be below potential and employment gains, especially developed economies, remained weak at best. The short-term risks associated with the situation in the euro area, the fiscal adjustments in the United States and the economic slowdown in large developing countries have diminished, but not disappeared.

Fiscal year 2013 has been tumultuous for India. For the first time in a decade, India’s economic growth fell below 5 percent, growing 4.6 percent year over year in the first half of FY 2013–2014 relative to last year. Unfortunately, growth is not India’s only challenge. The economy is burdened with persistently high inflation, rising fiscal deficit, and excessive imbalance in its current account, exposing internal challenges that are affecting investors’ confidence in the economy’s ability to grow.

Global economic uncertainties are aggravating India’s internal troubles. India was among the worst hit of the emerging economies whose currency, stock, and bond markets experienced extreme volatility this past summer due to the US Federal Reserve’s (Fed’s) tapering signal. Its currency depreciated more than 20 percent because of heavy capital outflows. India’s ability to overcome its adversities lies in its inherent strengths and potential. India has gone through difficult times even before, which makes it resilient and better able to overcome economic challenges. It is one of the few major emerging economies to make a strong comeback after the Fed announced that it was deferring tapering.

INDUSTRY STRUCTURE AND DEVELOPMENT

The HVAC&R industry have seen down-swing due to economic crisis and the market has shifted paradigm in recent years. The old systems were basic analog based electrical systems and these still make up the majority of the installed systems. The newer systems are more energy efficient and environment friendly. Shift to the newer systems is leaving a positive impact on the markets and bringing an upsurge in the markets.

The economic slowdown did not have much impact on the market for consumer goods particularly air conditioners; which has remained buoyant over the years. The demand for ACs has grown manifold over a decade. Air conditioners market in India is forecasted to double its market revenues in next five years. The demand for Split air conditioners is followed by Window and Portable air conditioners. The metropolitan cities of Delhi, Mumbai, Kolkata have shown remarkable rise in demand for air conditioners in past few years, where Delhi and its suburbs contribute the largest volume sales. Reason can be attributed to its hot temperature and population, which is gradually increasing every year.

Indian air conditioners market is expected to grow at the CAGR of around 13% during 2013-18. Currently, as per industry sources, the annual size of the Indian AC industry is estimated to be around 4.5 million units per year and is valued at Rs 75-80 billion. A striking development in the AC market has been demand and supply side shift towards split ACs as compared to window ACs. Over the years split AC has surpassed demand for window AC dramatically and Split ACs, at present, dominates the AC industry with more than 69% of the total units sold last year. One big structural change in the AC market has been brought by Bureau of Energy Efficiency (BEE) through its new energy norms. According to the new norms, existing ratings assigned to ACs have been upgraded with effect from January 1, 2014. The consumers seem to be focusing more on energy efficient products that have valued proposition and also have a differentiated features. The up gradation in rating would entail a price hike in Splits well as window ACs, adding to the woes and curbing profit margins.

BUSINESS OVERVIEW

Lloyd Electric & Engineering Limited is a well recognized and diversified engineering corporation with a history in business excellence. It is an acknowledged name in Heating Ventilation Air Conditioning and Refrigeration (HVAC&R) industry and Consumer Durable goods segment. Lloyd is a leading manufacturer of heat exchanger and evaporator coils serving the entire spectrum of HVAC&R industry. The Company is an original equipment manufacturer (OEM) to major AC giants in India and exporters to leading brands in the rapidly growing markets of Africa, Middle East and North America. The Company also provides customized AC solutions for institutional clients like railways, defense and metro rails and has also made a mark in the transport segment. Lloyd is a premier name in the air conditioning and consumer durable goods segment. Company has a well-integrated and consolidated Heat Exchanger Business, offering in its product portfolio Copper and brass heat exchangers, shell & tube heat exchanger for industrial application, oil coolers for railways, and heavy automobile and tube mill for MB radiators.

FINANCIAL HIGHLIGHTS

On standalone basis, revenue of the Company stood at Rs. 14396.9 Million as against Rs. 11693.8 Million during the previous year, registering an increase of 23%. Earnings before Interest, tax, depreciation and amortization (EBITDA) was Rs. 1895.8 Million as against Rs. 1458.8 Million, higher by 30%. The Net Profit before tax was Rs. 817.7Million as against Rs. 72.87 Million in the previous year, registering a growth of 12%. On consolidated basis, revenue from operations for the financial year 2013-14 at Rs. 17759.7 Million was higher by 20% over last year (Rs. 14743.1 Million for FY 12-13). Earnings before Interest, tax, depreciation and amortization (EBITDA) was Rs. 2142.9 Million as against Rs. 1558.7 Million, higher by 37%. The Net Profit before tax was Rs. 970.3 Million as against Rs. 715.6 Million in the previous year, registering a growth of 36%.

EXPANSION & FUTURE PROSPECTS

The growth of a Company is invariably determined not just by its strategy, but on how it responds to the challenges it encounters. Over the decades, Lloyd has successfully countered several challenges that have come its way with innovative responses and continuous improvement which have enabled it to remain stable and even convert some of these challenges into opportunities. It is this culture of endurance that has accorded Lloyd the insight and focus to deal with the current economic environment. Drawing from its inner strength and beliefs, Lloyd responded by launching several initiatives across all its operations in various geographies that are helping the Group to achieve sustainable growth even in the current times. It is also this very culture that will propel Lloyd to continue on its growth trajectory in the years to come.

During the year under review, The Company has undertaken several proactive initiatives and strategic expansions to secure better quality, more productivity and less wastage. Company has added a new Assembly Line at the Pant Nagar manufacturing facility to cater to the increased demand of LED television. Automatic Data logger in testing facility has been done to avoid human intervention and maintain highest level of Quality. In compliance with the stringent BEE norms and new energy standards for 2014, during the year under review, The Company had developed wide range of energy efficient Air Conditioners ranging 2/3/5 star rated for domestic and export markets. Lloyd remains alert to every opportunity and to cater to the demand offered by the metro segment, the Company has developed new generation PLC based controllers for metro rail HVAC units for a world renowned supplier of controllers for metro applications.

India’s consumer durable market is riding the crest of the country’s economic boom. During the year, Lloyd has introduced the all new range of Washing Machines, Water Dispensers, Induction Cookers and Room Heaters. Company has also launched several new models in LED TV at very aggressive price which was possible due to the in house manufacturing at our Pant Nagar facility. Lloyd came up with a special Guarantee to delight its customers – ‘Khushiyon Ki Guarantee!’ to fulfill the daily yet special needs of the customers. Despite tough economic conditions, Lloyd brand had posted an enormous growth in sales which was a result of widespread and extensive marketing strategy adopted by the Company. With the potential growth in the consumer durable products, the Company aims to diversify its product portfolio to include other home appliances.

EXPORTS

With its vision to be a global player in HVAC & R industry, Lloyd is expanding its horizons to tap the overseas market and at present its product portfolio is being exported to the Middle East markets, African markets, Europe and North America. The Company has concentrated its efforts on exports which are expected to yield considerable results in the years to come. Company offers products such as room air conditioners, condenser and evaporator coils, Heat Exchangers for HVAC & R industry. During the year under review, extensive steps have been taken by the Company to boost its export performances including recruitment of professionals abroad to captivate business from the U.S. market. Company has successfully developed Heat and Cool Models of AC with R-410A refrigerant for CIS countries, Nepal and Saudi Arab and has further taken steps to develop AC models for U.A.E and Iraq markets.

OPPORTUNITIES & OUTLOOK, THREAT & CONCERNS

India is expected to become the fifth largest consumer durable market in the world; the market is expected to reach US$

12.5 billion by FY 2015 from US$ 7.3 billion in FY 2012. Urban markets account for the major share (65%) of the total revenues in the consumer durables sector in India. Demand for consumer electronics and durables is driven by a young demographic population, coupled with rising disposable incomes amid skilled and highly educated workforce. Besides, low penetration levels, easy availability of finance options, growing prominence of consumer electronics’ retail stores and online retail industry is also fuelling the demand in this industry. The consumer durables industry does well when the economy grows. This is more so in an emerging country such as India where access to consumer durables is still very limited.

In order to suitably seize these opportunities, The Company has made strategic plans for growth intended to match up to the costumer’s requirements with suitable products and service offering, leverage in-house R&D capabilities for developing new differentiated products and providing customized solutions.

On the one hand there is substantial scope for expansion as the favorable demographics of India are a positive for the sector.

On the other hand there are factors like increasingly expensive raw materials especially of Aluminum, Copper and

Sheet Metal leading to erosion of margins as well as competition that will have a detrimental effect on the sector. But there are issues that the sector will have to face and the rising interest rate regimen is one of the first. Consumer durables are slightly interest rate sensitive. So, with the current high interest rate scenario some sluggishness in demand can be expected. Another factor that is going to affect the sector is competition. There is intense competition among players leading to higher advertisement spends and lesser pricing power, thereby lowering margins. While market leaders in the various categories are emerging, the other companies are finding that it is a tough going. The global economic slowdown continues to impact all facets of business. Increasing Tax, freight cost and operational cost are some other factors that have led to increase in cost. With growth slowing and high inflation eating into household savings, the industry has been facing rough weather. Rising interest rates and import costs due to rupee depreciation have added to the industry’s woes.

RISK MANGEMENT

Risk management is a part of the strategic business planning and review and has assumed increased importance in the volatile times. The Company was able to navigate successfully through the volatile business environment and has been able to generate higher profits year after year because of the strong Risk Management practices. The Risk Management of the Company is overseen by the Senior Management and the Board at various levels. The Company is actively engaged in assessing and monitoring the risk of each of the businesses and overall for the Company as a whole and undertake various timely and effective measures for mitigating the risk.

Liquidity and exchange risks have received increased attention during the year. In both these areas, the Company has adopted conservative measures to ensure that the risk mitigation exercises do not result in increase in indirect exposures. Increasing competition, escalating input costs, inflation and execution of technically challenging projects are some of the other risks which have assumed significance in the recent past and they are receiving close attention from the Management.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10558282	04/03/2015	15,200,000,000.00	State Bank of Bikaner and Jaipur	101-102 New Delhi House, 27 Barakhamba Road, New  Delhi, Delhi - 110001, INDIA	C47998224
2	10533148	01/11/2014	750,000,000.00	STATE BANK OF HYDERABAD	CORE 6, SCOPE COMPLEX, LODHI ROAD, NEW DELHI, Del  hi - 110003, INDIA	C34818484
3	10529833	15/10/2014	1,150,000,000.00	State Bank Of Travancore	Corporate Finance Branch,, 18/4 Arya Samaj Road,  Karol Bagh, New Delhi, Delhi - 110005, INDIA	C32737470
4	10506932	30/03/2014	600,000.00	KOTAK MAHINDRA PRIME LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandr  a (E),, Mumbai, Maharashtra - 400051, INDIA	C08963175
5	10475674	17/01/2014 *	400,000,000.00	Societe Generale	6th Floor, Mohan Dev,, 13, Tolstoy Marg, New Delh  i, Delhi - 110001, INDIA	B97037550
6	10455485	27/08/2013	1,100,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B87702338
7	10427569	12/12/2013 *	300,000,000.00	INDUSIND BANK LIMITED	DR. GOPAL DAS BHAWAN, 28 BARAKHAMBA ROAD, NEW DEL  HI, Delhi - 110001, INDIA	B95513677
8	10424946	12/12/2013 *	350,000,000.00	IDBI Bank Limited	3rd FLOOR, INDIAN RED CROSS SOCIETY, BUILDING-1,  RED CROSS ROAD, NEW DELHI,, NEW DELHI, Delhi - 110  001, INDIA	B95404687
9	10424952	29/03/2013	350,000,000.00	IDBI Bank Limited	3rd Floor, Indian Red Cross Society Building,, 1,  Red Cross Road, New Delhi, Delhi - 110001, INDIA	B74852385
10	10347569	12/12/2013 *	400,000,000.00	INDUSIND BANK LTD.	DR. GOPAL DAS BUILDING, 28 BARAKHAMBA ROAD, NEW D  ELHI, Delhi - 110001, INDIA	B95513891

FIXED ASSETS

• Building
• Plant and Machinery
• Office Equipment
• Vehicles
• Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.81
UK Pound	1	Rs.101.25
Euro	1	Rs.72.35

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KSH
Report Prepared by :	PJA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.